DETAILS SHOULD FURNISHED AS FOLLOWS
X PURCHASED PRODUCT A 15 NOS UNIT PRICE - 3504.76 GROSS VALUE - 52571.40 CASH DISCOUNT - 2728 NET AMOUNT - 49843.40 TAX (VAT) - 2492.17 TOTAL AMOUNT INCLD.TAX - 52335.57 P&F CHARGES - RS.3 GRAND TOTAL (AS PER NET BILLING) - 52338.57
- HOW TO MAKE PURCHASE JOURNAL ENTRY (DUE ENTRY)
- HOW TO TREAT CASH DISCOUNT
- IS DEBIT NOTE IS TO BE PROVIDE FOR DISCOUNT
I AGREE ALL OF THEM BUT THE REAL PROBLEM STILL I FACE THAT IN TALLY ENTRY INVENTORY FEATURES ARE ACTIVATED THE ENTRY WILL BE ON VOUCHER MODE/INVOICE MODE (WITH OUT CONSIDERING CASH DISCOUNT)
- PURCHASES A/C DR 52571.40
UNIT RATE GROSS AMOUNT
PRODUCT X 15 NOS 3504.76 (ACTUAL RATE) 52571.4
- VAT ON PURCAHSES (WITHOUT CONSIDERING P&F) DR 2628.57 (VAT ON THE ABOVE VALUE WITH OUT CONSIDERING CASH DISCOUNT 5%* 52571.4)
- P&F (CHARGE SEPARATELY) DR 3.00
- TO PARTY 55202.97
CONSIDERING THE CASH DISCOUNT THE ENTRY WILL BE AS FOLLOWS (DISCOUNT RS.2725)
- PURCHASES A/C DR 49843.40
- VAT ON PURCHASES (5% ON 49843.40) DR 2492.17
- P& F DR 3.00
- TO PARTY 52338.57
THE ACTUAL PROBLEM IS THAT THE UNIT PRICE CHARGED ON QTY AT FULL RATE IN INVENTORY MODE (15 NOS * 3504.76 GROSS AMOUNT 52571.40), BUT VAT CHARGED ON INVOICE PRICE AFTER CONSIDERING DISCOUNT (52571.40 - 2728 [DISCOUNT] = 49843.40 VAT AMOUNT 5% * 49843.40 = 2492.17 GROSS AMOUNT 52335.57 + RS.3 [P&F] PAID TO PARTY 52338.57
THERE IS A DIFFERENCE IN AMOUNT RS.2728 (52571.40 - 49843.40)
HOW TO MAKE JOURNAL ENTRY IN TALLY CONSIDERING THE ABOVE FACTORS
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